 "Mastek rallies 15% on demerger plan")
Mastek has rallied 15% to Rs 270, also its 52-week high on National Stock Exchange, after the company said it will demerge its insurance products and services business into a separate listed company.
The board of directors of the company at its meeting held on today, has approved the demerger of the Insurance Products and Services business of the company into Minefields Computers Private Limited, Mastek said in a statement.
Minefields Computers Private Limited to be renamed as Majesco Limited followed by transfer of the offshore insurance operations by Majesco to Majesco Software and Solutions India Private Limited, a wholly owned subsidiary of MajescoMastek Insurance Software and Solutions Inc, it added.
Mastek shareholders will get one equity share of Majesco for every equity share held in Mastek, in addition to their existing Mastek share, Majesco is proposed to be listed on the BSE and the NSE.
The scheme of arrangement will be subject to various statutory approvals, including those from the shareholders and the lenders / creditors of Mastek.
The trading volumes on the counter surge more than two-fold with a combined 2.38 million shares changing hands till noon deals on NSE and BSE.
The board of directors of the company at its meeting held on today, has approved the demerger of the Insurance Products and Services business of the company into Minefields Computers Private Limited, Mastek said in a statement.
Minefields Computers Private Limited to be renamed as Majesco Limited followed by transfer of the offshore insurance operations by Majesco to Majesco Software and Solutions India Private Limited, a wholly owned subsidiary of MajescoMastek Insurance Software and Solutions Inc, it added.
Mastek shareholders will get one equity share of Majesco for every equity share held in Mastek, in addition to their existing Mastek share, Majesco is proposed to be listed on the BSE and the NSE.
The scheme of arrangement will be subject to various statutory approvals, including those from the shareholders and the lenders / creditors of Mastek.
The trading volumes on the counter surge more than two-fold with a combined 2.38 million shares changing hands till noon deals on NSE and BSE.